Insurers tend to innovate slowly in an attempt to get things “right” in a heavily regulated industry. But that is changing. COVID and climate change have accelerated the digitalisation of the insurance industry, and there is no going back. The time to act fast is now.
Innovation rules the day when it comes to the insurance industry. In an increasingly unpredictable world, companies that adjust their product offerings to changes in the social, economic, and physical environment are most likely to remain relevant—and attract more customers.
There is no guesswork in the world of business. A staggering 70% of businesses fail within 10 years due to lack of preparation, insufficient market demand or an inappropriate business model. There are areas in life where “winging it” is appropriate.
Insurance consumers are evolving, prompting new challenges for the industry.
Over the past few years, the insurance technology sector has built serious momentum. New players are on the scene and they’ve attracted more funding to insurtech in 2021 than ever before. And it makes sense – changing customer behaviours and expectations mean the market is crying out for personalised insurance solutions.